Gold closed below the ascending trendline (see daily gold chart above) suggesting that the metal is about to cascade lower. It's been treading this support level, along with the $890 level, for months and once it gives way for certain, it should shoot to the $890 level in a hurry. Like I said before, the $890 level has been tested several times so the bullish support has been severely eroded already, so I would not be surprised if $890 gives way like warm butter when it's hit.
$850 is my initial gold target, but the potential is much much greater into the $650 area.
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